NIS receives special licence deferring US sanctions until March 28

BELGRADE - Serbia's majority Russian-owned oil company NIS has been issued a special licence from the US Treasury Department deferring full implementation of US sanctions on the company until March 28, Tanjug was told on Thursday.

Supplies to the NIS petrol station chain are regular and the Pancevo oil refinery is in its normal mode of operation, supplying the market with all necessary oil derivatives, the company said.

"The license allows the following activities to be carried out without hindrance:

Carrying out business, contracts and other agreements involving NIS or its operating subsidiaries

Carrying out all transactions with NIS and its operating subsidiaries that are directed towards the performance of the contract

Disposing of or transferring, or facilitating the disposal or transfer of, debt or equity issued or guaranteed by NIS or its operating subsidiaries ("Covered Debt or Equity") to a non-US person

Facilitating, clearing and settling trades in Covered Debt or Equity based on orders placed before 4:00 pm Eastern Standard Time, January 10, 2025

Executing financial derivative contracts (directed towards their performance and their termination ("wind-down")) that were entered into before 4:00 pm Eastern Standard Time January 10, 2025 and which (i) involve NIS or its operating subsidiaries as the other party or (ii) are connected to the Covered Debt or Equity Official business of diplomatic or consular missions outside the Russian Federation involving NIS or its operating subsidiaries," NIS said in a statement.

"NIS will use the period of suspension of sanctions to continue working, in cooperation with shareholders, on finding solutions that will enable the smooth operation of the company in the long term and ensure the energy stability of the Republic of Serbia," the company said.